May rent out house/backhouse...any tips?

Joined
29 October 2006
Messages
158
Location
Monrovia
Since real estate has declined so sharply, I don't want to sell now, but my house payment has been killing me. I need to rent out my back house or maybe the entire house. Since my divorce in March 2007, it really doesn't make sense for a single guy like me to be living in a 3 bedroom house.

1-How do you do credit checks for the people who want to rent from you?
2-How do you do a background check on people?
3-How much do credit checks and background checks cost?

A mentally challenged 55 year old guy wants to rent out the back house. He is like a big teddy bear, and he is taller than I am. He is 6' 3". His sister is going to be making all the payments for him. He gets SSI. He does not have a car, so he will be parking on the street.
 
Sorry...I do this in segments now because I lose data after more than 10 minutes of posting.

So...the mentally challenged guy. He is cool and low maintenance. But I think that this guy might scare my girlfriend. I am starting to wonder if I can do a background check on this guy, or check if he has had a prison record, or if he has molested/raped anyone. I just want to be careful here. An ounce of prevention.......

I don't just want to do these check on the mentally challenged guy, but for my other leading candidates.

I am also thinking about renting out my house.

4-How did you equitably handle gas, electricity, internet, gardening, (bills)?
5-Where can I find a good rental contract?
6-Do you have any other tips?


Thank you,
John
 
Yea charge alot $$$$$$ but find out if they were a home owner and charge them a little less. that'd be a win-win!

REALLY P.M. STEVENY HE OWNS MULTIPLE PROPERTIES IN NY AND HANDLES ALL THAT KIND OF STUFF. F%$K HE DRIVES A FERRARI FOR CHRIST SAKE!!!!!!!!!! HE MUST BE ABLE TO GIVE YOU A BIT OF GOOD ADVICE
 
As for 1-3:
There are many resources to run a 3 agency credit check online that usually don't run more than $20. A criminal history can be had by going to your local Sheriff's Dept. and requesting the appropriate form which either he or his legal guardian will need to sign. Once signed you return it to the SD and they can usually print out a history on the spot. The last time I had to do criminal history checks was in GA and the normal cost was $5 in administrative fees.
 
Don't rent to family.
I use a realtor to screen tenants for my rental home. He does all of that stuff and then provides me the information so I can make a selection. I never see the tenant so when I say no to someone they can't claim I denied because they were fat, short, tall, green, etc. I pay him 1/2 of the first months rent for that service and have always had good people. He knows the types of people I will not rent to and also has a rental home in the area so has an interest in not renting to problematic people.
 
Go to a bookstore and buy one called Every Landlords Legal Guide. It includes a CD with templates of documents for rental agreements and everything you need to cover your a$$ legally.
 
Go to a bookstore and buy one called Every Landlords Legal Guide. It includes a CD with templates of documents for rental agreements and everything you need to cover your a$$ legally.

sounds like a good tip. anybody else here read it / recommend it?
 
When it came time to rent my house, I just punted and got a property management company to handle it. For me, it works out great -- I just get rent checks and pay bills, and hope the former ends up being greater than the latter. For the service, my manager takes 7% of every rent check -- but it's totally worth it to me.
 
sounds like a good tip. anybody else here read it / recommend it?
Is it from Nolo? I've used a few of their books, and they're all top-notch. For routine legal matters, you can't go wrong.

Notwithstanding my previous post, whatever you do, get everything in writing. Verbal agreements are worth the paper they're printed on. And anytime money changes hand, give or get a receipt, especially if the money is in cash. A receipt is your only proof that a payment was made or received.

And don't rent to friends or family, unless you're willing to sacrifice that relationship over some disagreement. Keep it strictly business, not personal.
 
Sorry...I do this in segments now because I lose data after more than 10 minutes of posting.

So...the mentally challenged guy. He is cool and low maintenance. But I think that this guy might scare my girlfriend. I am starting to wonder if I can do a background check on this guy, or check if he has had a prison record, or if he has molested/raped anyone. I just want to be careful here. An ounce of prevention.......

I don't just want to do these check on the mentally challenged guy, but for my other leading candidates.

I am also thinking about renting out my house.

4-How did you equitably handle gas, electricity, internet, gardening, (bills)?
5-Where can I find a good rental contract?
6-Do you have any other tips?


Thank you,
John

PM me your fax number and I will fax you a blank lease and lease application.

Don't rent to friends and family.

Trust your instincts.

know the rental laws in your area.

expect your property to get damaged.

put up ads on local college web sites. Professors are great renter but often picky.

If the utilities are not connected DO NOT RENT INCLUDING UTILITIES. If you do hedge with the market in case the utilities increase.
 
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